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Entity Wide Disclosures | 3 Months Ended
--- | ---
Mar. 31, 2026
Entity Wide Disclosures [Abstract] |
Segment Reporting Disclosure | Segment Disclosures Information about the one reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
Revenue, net |  | $ | 706,604 |  |  | $ | 558,570 |
Operating expenses: |  |  |  |
Direct service costs, excluding depreciation and amortization - Employee compensation |  | 164,603 |  |  | 143,927 |
Direct service costs, excluding depreciation and amortization - Other segment items (a) |  | 33,671 |  |  | 33,889 |
Reimbursed out-of-pocket expenses |  | 312,004 |  |  | 202,404 |
Total direct costs |  | 510,278 |  |  | 380,220 |
Selling, general and administrative |  | 47,917 |  |  | 57,897 |
Depreciation |  | 6,751 |  |  | 6,694 |
Amortization |  | 155 |  |  | 236 |
Total operating expenses |  | 565,101 |  |  | 445,047 |
Income from operations |  | 141,503 |  |  | 113,523 |
Other income, net: |  |  |  |
Miscellaneous income (expense), net |  | 971 |  |  | (1,816) |
Interest income, net |  | 5,117 |  |  | 6,463 |
Total other income, net |  | 6,088 |  |  | 4,647 |
Income before income taxes |  | 147,591 |  |  | 118,170 |
Income tax provision |  | 23,721 |  |  | 3,575 |
Segment net income |  | $ | 123,870 |  |  | $ | 114,595 |
Reconciliation of profit or loss |  |  |  |
Adjustments and reconciling items |  | — |  |  | — |
Condensed consolidated net income |  | $ | 123,870 |  |  | $ | 114,595 |
(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs. Revenue by Category The following table disaggregates the Company’s revenue by major source (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  | 2025 |
Therapeutic Area |  |  |  |  |
Metabolic |  | $ | 237,558 |  |  | $ | 148,015 |  |
Oncology |  | 201,239 |  |  | 170,476 |  |
Other |  | 93,318 |  |  | 95,836 |  |
Central Nervous System |  | 80,207 |  |  | 54,901 |  |
Cardiology |  | 56,261 |  |  | 58,279 |  |
AVAI |  | 38,021 |  |  | 31,063 |  |
Total revenue |  | $ | 706,604 |  |  | $ | 558,570 |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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